Mark Badu-Aboagye, CEO of the Ghana Chamber of Commerce and Industry, has strongly criticized the 2026 Mid-Year Budget Review. He stated the budget failed to provide a clear roadmap for implementing the government’s 24-Hour Economy policy. Badu-Aboagye described this omission as a major disappointment during an interview on JoyNews’ PM Express Business Edition on Thursday.
He warned that Ghana risks missing a critical development opportunity if the policy lacks concrete action. Badu-Aboagye believes the 24-Hour Economy is Ghana's primary development blueprint. He stressed that every national budget, whether mid-year or major, should align with this agenda. He found the budget's silence on strong policy statements for the 24-Hour Economy concerning.
This criticism comes as Ghana continues to grapple with economic challenges and seeks pathways for sustainable growth. The 24-Hour Economy policy aims to boost productivity and create jobs by encouraging businesses to operate around the clock. Its successful implementation is seen as crucial for accelerating industrialization and increasing exports, which are vital for Ghana’s economic transformation.
Badu-Aboagye praised the policy itself, acknowledging its eloquent presentation by the 24-Hour Economy Secretariat. However, he emphasized that the real challenge lies in its execution. He argued that while the government describes the program as private-sector-led, businesses cannot drive industrialization without the right conditions. He specifically pointed to high financing costs as a major obstacle for businesses.
Interest rates, though showing some reduction, remain too high for industrial investment. Badu-Aboagye noted that a 16.5% interest rate for industrial loans is still prohibitive. The policy rate of 14% also remains on the higher side. He questioned the expectation that businesses would borrow at commercial rates, such as 35%, to establish factories that might not yield profit. This situation, he warned, could lead to implementation failures similar to previous initiatives.
The CEO also questioned the effectiveness of merely funding a secretariat. He stated that providing GHS 101 million to run a secretariat and an office is insufficient. He argued that tangible progress on the ground is what stakeholders are looking for. Badu-Aboagye maintained that industrialization must be the foundation of the 24-Hour Economy. He insisted that exports and job creation cannot be achieved without a robust industrial base. He urged the government to create the necessary environment for the private sector to kickstart this industrialization.
The government's 24-Hour Economy policy has been a key focus in recent economic discussions. Its success hinges on addressing critical issues like energy costs and access to affordable credit. Without these foundational elements, the ambitious goals of increased productivity and job creation may remain elusive. Decision-makers will need to respond to these concerns to ensure the policy's viability and impact on Ghana's economic future.